Entrepreneurial Blog #8

 This week we did a discussion on overcoming challenges when it comes to business. Taking the time to think about this and record it was very helpful for planning in the future. I will go into some of the my Reponses that I gave to this discussion. 

One of the greatest challenges to business may be embracing uncertainty, and your means of reaching there is attainable. Flexibility, with a good plan in mind in the scheme of things, is the formula to successful longevity. One of the more practical tools of navigating uncertainty is being able to use scenario planning. By setting other possible scenarios for certain instances in your company and plan mapped out for every one of them, you will ensure your company is prepared for a variety of things. Instead of just waiting for problems when they emerge and reacting, you will have backup plans established already so the change will be smooth when unexpected issues do develop.

Aside from scenario planning, data analytics can also provide other customer behavior, market development, and process improvement opportunity indicators. Tracking customer trend KPIs, economic trends, and competitor behavior allows organizations to anticipate disruption further ahead and capitalize on new opportunities as they arise. Predictive analytics and other technologies are key in identification and strategic response recommendation before crisis. That vision places companies on the leading edge and not in reaction to external factors.

Your desire for a strong support is something that you should try and build up. Besides moral and emotional support, involvement in networking seminars or membership of business mastermind groups will provide industry insight as well as problem-solving through synergy mechanisms. Having those who will put your thoughts on the backburner and make you think outside the box around you will make you flexible. Getting advice from other entrepreneurs who have traversed the same problems will give you an idea and lead you away from pitfalls.


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